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If you think the future of fair-value accounting is settled, even for the short term, you're mistaken. The Financial Accounting Standards Board and the American Bankers Association have locked horns over the FASB's revised fair-value guidance, with the bankers asking the Securities and Exchange Commission to use its statutory authority to reject FASB's position. While the SEC is working on an internal study of the matter, the Center for Audit Quality has written to the SEC arguing against suspension of fair-value rules.

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Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., said the Financial Accounting Standards Board's fair-value accounting proposal could be a misstep. "While we understand that the objective of the rule is to make financial statements more transparent, we believe that its effect could be to undermine financial stability by making bank performance more procyclical," Bair said.

Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., said the Financial Accounting Standards Board's fair-value accounting proposal could be a misstep. "While we understand that the objective of the rule is to make financial statements more transparent, we believe that its effect could be to undermine financial stability by making bank performance more procyclical," Bair said during a joint SIFMA/AICPA conference.

Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., said the Financial Accounting Standards Board's fair-value accounting proposal could be a misstep. "While we understand that the objective of the rule is to make financial statements more transparent, we believe that its effect could be to undermine financial stability by making bank performance more procyclical," Bair said during a joint SIFMA/AICPA conference.

Wells Fargo has explained in a letter its opposition to the Financial Accounting Standards Board's plan to require lenders to disclose the fair value of the loans they are carrying. "We strongly oppose the expansion of fair value as the primary balance-sheet measurement attribute for virtually all financial instruments," wrote Richard Levy, controller at Wells Fargo. "It will only serve to cement a short-term focus on fair-value measures."

Wells Fargo has explained in a letter its opposition to the Financial Accounting Standards Board's plan to require lenders to disclose the fair value of the loans they are carrying. "We strongly oppose the expansion of fair value as the primary balance-sheet measurement attribute for virtually all financial instruments," wrote Richard Levy, controller at Wells Fargo. "It will only serve to cement a short-term focus on fair-value measures."